Saipem units face probe for alleged corruption in $63.4mn Petrobras contract
The company said that it would cooperate with the ongoing investigation
The Brazilian administrative authority has launched administrative proceedings to investigate Saipem's French and Brazilian subsidiaries in relation to a 2011 contract award from Brazilian oil company Petrobras.
Saipem released a statement announcing that proceedings were underway for "alleged irregularities" related to the $63.4mn contract for the installation of an underwater gas pipeline to connect Lula and Cernambi fields in the Santos Basin.
Saipem wrote in its statement that both subsidiaries "will cooperate in the administrative proceedings by providing all the clarifications requested." It noted that the subsidiaries "have confidence in the correctness of the award."
In January 2019, prosecutors in Milan launched a probe into the company's CEO and two managers, alleging false accounting and market manipulation that it says were carrie dotu between 2015 and 2017.